Looking for an easy way to ship your cargo to Uruguay? Choose the best freight forwarder to transport your goods to Uruguay safely and on time.
Exporting goods to Uruguay, whether it is for the first time, or on a regular basis, can be a challenging experience.
There are many elements to consider when shipping to a country such as Uruguay. If you are in Canada or the US and not entirely familiar with the Latin American market, you should consider a cargo shipping company that knows the business culture, the customs regulations and has a proven track record of success when it comes to shipping to Uruguay.
WHAT CAN YOU EXPECT IN URUGUAY?
Regulations in Uruguay are not only very different from the ones in the US or Canada, communication methods and business etiquette are also very distinct: ● Corporate culture in Uruguay is relationship-driven. Uruguayans value social justice, education and camaraderie. They put a high value on developing personal relationships rather than formal business connections which is the norm in the US or Canada. Therefore, it is important to develop easy going business “friendships” and to show long-term commitment, as Uruguayans may be more loyal to you personally rather than to the company you represent. ● Flexibility and spontaneity are also common traits of Uruguayans, although in Uruguay punctuality is more valued than in other South American countries. ● It is also important to consider the language as a possible barrier: Although English is widely spoken by the younger generation and by the business executives, there are still many Uruguayans that only speak Spanish.
QUICK FACTS ABOUT URUGUAY (2018)
- Capital: Montevideo
- Other Large Cities: Salto, Ciudad de la Costa, Paysandu, Las Piedras, Rivera
- Population: 3,449,299 (Urban Population: 95.3 %)
- Official languages: English
- Time Zone : GMT - 3
- Currency: Uruguayan Peso (UYU)
ECONOMIC SNAPSHOT ( Source: IMF - World Bank, 2018)
- GDP: 59.65 billion USD (GDP Growth: 1.6 % / GDP per capita: 17,014 USD)
- Inflation Rate: 7.6 %
- Unemployment Rate: 8.3 %
- Total Imports of Goods: 0.958 billion USD
- FDI Inward Flow: 1.17 billion USD (2,0 % of GDP)
- Ease of Doing Business Score (2019): 95th / 190
WHY DOING BUSINESS WITH URUGUAY IS THE RIGHT DECISION
Uruguay is one of the wealthiest and more stable countries in South America, offering a unique and dynamic business background for companies looking to expand internationally. The country’s economic performance has been historically tied to agriculture and livestock farming. However its recent economic growth is mainly due to the development of the industry sector such as paper or chemicals, and the promotion of free trade zones. The Free Trade Zone (FTZ) plays a major role in the interest of foreign investment to Uruguay. It allows consumer goods to be imported, stored, modified and re-exported, without having to pass through customs, avoiding unnecessary payment of duties or any taxes. The FTZ has become one of the main drivers of the Uruguayan economy. Uruguay is strongly committed to open trade. As a founding member of Mercosur its trade relations with Argentina and Brazil are extremely important. The ALADI trade association also allows Uruguay to enjoy preferential agreements with Bolivia, Chile, Colombia, Cuba, Ecuador, Mexico, Peru, and Venezuela. Furthermore, Its developing middle class owns the most elevated purchasing power in South America. This class values high quality goods, which generates lots of opportunities for North American exporters. As a result, the need for shipping to and from Uruguay has been increasing exponentially during recent years. With LAC by your side you will reinforce your company’s cargo shipping capability to Uruguay. Our experienced professionals are very familiar with the market requirements in Uruguay which is very important to avoid delays during the importation process. We provide you with all the necessary tools to break into the Uruguayan market, headache free.
URUGUAY TRADE OVERVIEW
- MAIN IMPORTS: Petroleum, Motor Vehicles & Parts, Telecommunication Equipment, Medicaments, Insecticides, Electric Machinery
- MAIN EXPORTS: Meat, Wood, Soya Beans, Milk and Cream, Rice, Plastics Packaging, Leather
- INDUSTRIES WITH STRONG BUSINESS OPPORTUNITIES: Forestry & Paper, Telecommunication Equipment, Chemicals, Medicines, Agriculture, Livestock
- PRINCIPAL TRADING PARTNERS: China, Brazil, Argentina, USA, Turkey, Africa (Nigeria, Algeria, Angola), Mexico, Europe (Netherlands, Germany, Spain), Russia, India